Decision by NCC’s Board of Directors to repurchase own Series B shares and to adjust the dividend policy
The Board of Directors of NCC AB has decided to exercise the authorization granted by the 2022 Annual General Meeting to repurchase own Series B shares for the purpose of adapting NCC’s capital structure to the company’s capital requirements. The Board of Directors has also adjusted the dividend policy, so that approximately 60 percent of after-tax profit for the year is to be distributed to shareholders.
The share repurchases will be carried out on an ongoing basis during the period until the 2023 Annual General Meeting and comprise a maximum amount of SEK 1.5 billion. NCC may hold a maximum of 10 percent of the shares outstanding in treasury.
The share repurchases are to be carried out on Nasdaq Stockholm, on one or more occasions, at a price per share within the registered span of share prices on the stock exchange at the particular time, (i.e. the interval between the highest buying price and the lowest selling price). However, for purchases that are made by a brokerage under assignment by the Company, the price of the shares may correspond to a volume-weighted average price during the period of time during which the shares were purchased, even if the volume-weighted average price on the day the shares were relinquished to the Company is outside the price interval. The shares are to be paid for in cash.
Reporting of repurchased shares will be carried out in accordance with applicable rules.
The adjusted dividend policy states that approximately 60 percent of the company’s after-tax profit for the year is to be distributed to shareholders (previously not less than 40 percent). The dividend level can be adjusted taking into consideration the company’s strategy, financial position, risk level and other financial objectives.
At the date of issue of this press release, the total number of NCC shares was 108,435,822, of which 12,914,123 were Series A shares and 95,521,699 were Series B shares. NCC holds 841,072 Series B shares in treasury to cover its commitments under the long-term incentive program.
For further information, please contact:
Maria Grimberg, Head of Communication & Investor Relations, NCC, +46 70 896 12 88
NCC’s Media line +46 8 585 519 00, press@ncc.se
This is the type of information that NCC could be obligated to disclose pursuant to the EU Market Abuse Regulation (EU No 596/2014). The information was issued for publication through the agency of the contact persons specified on April 27, 2022, at 19.00 p.m CEST.
About NCC. NCC is one of the leading construction companies in the Nordics. Based on its expertise in managing complex construction processes, NCC contributes to the positive impact of construction for its customers and society. Operations include commercial property development, building and infrastructure project contracting, and asphalt and stone materials production. In 2021, NCC had sales of about SEK 53 bn and 13,000 employees. NCC’s shares are listed on Nasdaq Stockholm.